Virtual reality is just as it sounds, surreal! So the idea of such unique experience combined with gen-next technologies like blockchain could be one of the most innovative projects ever! It is almost like we are experiencing the future. The VR platform named High Fidelity aims to do just that by adapting Blockchain into their system. 

The Bitcoin expert Mike Novogratz who was previously one of the earliest institutional investors led a series D fundraising round for the High Fidelity platform with a $20 million investment, along with contributions from Breyer Capital, Blockchain Capital, Vulcan Capital, and IDG Capital Partners.

The aim is to make Blockchain provide a helping hand to all the potential VR users in the world of this virtual reality.The CEO of High Fidelity, Philip Rosedale said, “To reach this scale and to deliver safely on such a promise, VR must be decentralized, including deeply using blockchain technology.”

Rosedale in the year 1999 established Linden Lab and had built a virtual civilization called Second Life. Second Life had almost a million active users and spent nearly $1 billion per year. It was in the year 2013 that he co-founded High Fidelity to pave way for a virtual-reality system that is ahead of times. 

He had always wanted to create an open-ended, reality system that is connected to the internet. They want to take this virtual-reality to the next step by creating a virtual world where business, travel, nearly anything is possible. All this while connecting you with people from across the globe. 

A predication by Rosedale says that in the next 7 to 10 years, everyone in the world could have a VR device.  A future where most of our time spent and the activities that we do are in virtual spaces. There are many advantages of carrying out tasks in virtual spaces. There won’t be a need to travel for business and even the future generation will have the best learning experiences. They will have doors opened for better opportunities to build connections. This massive progression will change our views on what exactly is “real” and what is not.  

A cryptocurrency has been developed for their VR, Second Life, using the Linden dollars (L$) as a medium of exchange to purchase goods and services within the virtual world. A total of $4 billion has been produced by Linden in virtual transactions globally which can also be traded for USD on the LindeX exchange.

 “If bitcoin had been around in 2005, I would have been delighted to use it for Second Life”, was mentioned by Rosedale.

A stablecoin known as the High Fidelity coin for the new High Fidelity platform was planned to issue by Rosedale on the EOS network, with a  1:1 parity to the IS Dollar. This coin will be utilized for buying various goods and services in the new virtual Metaverse. Each transaction will be recorded on the EOS blockchain for merchants to verify.

Sam Englebardt, High Fidelity board member and Head of Strategic Partnerships at Galaxy Digital, told Reuters:

“Virtual reality may be the first killer app for blockchain. It’s a global phenomenon that fundamentally requires a trustless consensus mechanism for currency, property and identity.”